Results of the Board of Directors meeting on September 30, 2020
October 2, Moscow, Russia. PJSC RusHydro (ticker symbol: MOEX, LSE: HYDR; OTCQX: RSHYY) announces that the Company's Board of Directors held a meeting in aon September 30, 2020.
The Board of Directors approved the preliminary results of execution of RusHydro Group’s business plan for 2020 including the actual results of the first half of the year, including execution of consolidated investment program and Comprehensive rehabilitation and modernization program for the first half of 2020.
PJSC RusHydro spent RUB 11.7 bn on its investment program including RUB 7.7 bn on comprehensive modernization program. The investment program of Company’s subsidiaries — customers of construction projects amounted to RUB 6.6 bn. In the first six months of the year, the Company has added 10 MW of electric capacity due to rerating of equipment in the result of the complex modernization program and an additional 10MW following launch of Verkhnebalkarskaya small HPP.
In March 2020, the Central Bank of the Russian Federation highly praised the Company’s work on implementation of principles and recommendations of the corporate governance code. Following review of PJSC RusHydro’s annual report the Bank acknowledged that adherence to the corporate governance code’s principles improved significantly as compared to last year’s report.
In September 2020, Russian Institute of Directors has confirmed the Company’s rank in Leading practices in corporate governance. RusHydro, together with Sberbank, Alrosa and AFK Sistema. Is considered one of the national leaders in corporate governance quality.
In September, RusHydro has commissioned CHPP in the city of Sovetskaya Gavan’, the last of the four projects under Presidential decree from 22.11.2012. The Company has already commissioned the second phase of Blagoveshenskaya CHPP, the first phase of Yakutskaya GRES-2 and Sakhalinskaya GRES-2.
RusHydro has finished design works and technical pricing audit of the first phase of two single-circuit 110 kV Pevek-Bilibino overhead lines. The project documentation has been sent via sea vessels to Pevek where construction will begin in the current year.